- Bitcoin price is under pressure and it recently declined below the $10,500 support against the US Dollar.
- The price is struggling to climb higher and is approaching the $10,200 support area.
- There is a key bearish trend line forming with resistance near $10,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could accelerate decline if it breaks the $10,200 and $10,100 support levels in the near term.
Bitcoin price is showing a few negative signs below $10,500 against the US Dollar. BTC could struggle to recover above the $10,400 and $10,500 resistance levels.
Bitcoin Price Analysis
Recently, bitcoin price struggled to surpass the $11,000 resistance area against the US Dollar. As a result, there was a downside correction and BTC/USD traded below the $10,600 and $10,500 support levels. Moreover, there was a close below the $10,500 support level and the 100 hourly simple moving average. It opened the doors for more losses below the $10,400 level.
The price traded as low as $10,144 and recently started an upside correction. There was a break above the $10,300 level plus the 23.6% Fib retracement level of the last major decline from the $10,952 high to $10,144 low. Additionally, the price spiked above the $10,500 resistance. However, it failed to continue higher. It also struggled to clear the 50% Fib retracement level of the last major decline from the $10,952 high to $10,144 low.
More importantly, there is a key bearish trend line forming with resistance near $10,400 on the hourly chart of the BTC/USD pair. The pair is currently trading well below the $10,400 level. An immediate support area is near the $10,200 level. If there is a downside break below the $10,200 support area, there could be a bearish acceleration towards the $10,000 support area.
On the upside, the main resistances are near the $10,400 and $10,500 levels. If there is a successful close above $10,500, the price could continue to rise in the coming sessions. The next key resistance is near the $10,650 level. It coincides with the 61.8% Fib retracement level of the last major decline from the $10,952 high to $10,144 low.
Looking at the chart, bitcoin price is clearly struggling to continue higher and is trading with a bearish angle below the $10,400 level. If the price continues to decline and breaks the $10,200 support area, there is a risk of more losses below the $10,000 level.
Technical indicators:
Hourly MACD – The MACD is currently moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $10,200 followed by $10,100.
Major Resistance Levels – $10,400, $10,550 and $10,650.
